Richest Musicians In Nigeria: Our Top 5 Pick For 2023

richest musicians in nigeria
richest musicians in nigeria cover

Fans of Nigerian artists are always at each other’s throats, engaging in intense online and offline wars on the richest Nigerian celebrity debate. Lately, we’ve even witnessed braggadocious displays from most of these celebrities. Competing for the same position—the zenith of both local and global music charts. As well as the richest Nigerian musician title. It is on that note we bring you a countdown of the top 5 richest musicians in Nigeria.

This list consists of both all-time famous Nigerian musicians, old Nigerian musicians, as well as young Nigerian musicians. We’ll equally take a deep dive into their careers, net worth, philanthropic acts, and how they came to amass such wealth.

These celebrities don’t come close to the likes of Jay Z whose estimated net worth is 1.3 billion USD in 2023. Or billionaire mom and singer Rihanna, whose 1.4 billion USD rich in 2023. But Nigerian musicians can hold their own against one-third of many famous Hollywood celebrities and musicians around the world.

List Of Richest Musicians In Nigeria

1. Davido

The Top 10 Richest Musicians In Nigerian 2023 davido

David Adeleke, popularly known as Davido or “OBO” is the richest musician in Nigeria in 2023. Although it is hard to tell how much exactly he’s currently worth. As the “Fall” crooner has been in isolation for months following his first son’s unfortunate demise.

Davido’s net worth in recent years, from 2019 to 2022 saw a staggering estimated net worth of up to $60 million. Critics argue that the source of Davido’s wealth comes from his billionaire father Adedeji Adeleke, but this is far from the truth.

He has his own record label, Davido Music Worldwide (DMW) which was founded by Davido in 2016. And has worked with numerous high-profile brands within and outside Nigeria. As a global brand ambassador to many multi-billion organizations such as Puma, Wema Bank, AXE, Travelbeta, Pepsi, MTN, Martell Blue Swift, etc.

Only recently, Davido performed at the FIFA World Cup finale in Qatar, becoming the first musician from Nigeria to accomplish this. So his wealth and assets do not come as a shock to his fans within and outside Nigeria.

2. Wizkid

List Of Richest Musicians In Nigeria

Big Wiz” for a reason. The list of the top 10 richest musicians in Nigeria cannot be complete without Ayodeji Ibrahim Balogun. One of the most influential Nigerian musicians in the Afrobeats soundscape. From the commercial Ojuelegba suburb in Surulere, Lagos to unimaginable stardom and wealth, Wizkid’s discography is as solid and otherworldly as his assets.

Over the years, Wizkid has equally sealed many international and local endorsement deals with brands like Nike, Pepsi, UBA, Ciroc, Tecno, Globacom, etc. He owns a record label called Starboy Entertainment, which he established in 2013. Wizkid’s net worth is estimated to be around $50 million.

Although Big Wiz detaches himself from some social media engagements, which has led many Nigerians to term him egotistic. He released his fifth studio album More Love, Less Ego in November 2022. A possible comeback to the incessant trolling.

3. Don Jazzy

List Of Richest Musicians In Nigeria don jazzy

Many people wonder which of Don Jazzy’s songs garnered him this popularity, and wealth. Gen Zers particularly contemplate his role in the Nigerian music industry. Seeing that he appears more in TikTok videos, skits, and other promotional content than he spends time in the studio recording.

What most people don’t know about Don Jazzy is that he was one of the popular Nigerian singers of the early 2000s. While his popularity as a singer has waned since the glory days of defunct Mo’ Hits Records which he founded with D’Banj, he is waxing stronger as a music producer.

As well as the owner of Mavin Records. Among the Mavin Records artists with numerous smash hit songs are Ayra Starr, Magixx, Boy Spyce, Johnny Drille, Ladipoe, DNA Twins, Rema, Crayon, etc.

His estimated net worth is $40 million, and aside from being a music producer, he occasionally features in some of the Mavin Records’ crew music. Don Jazzy also owns various chains of businesses like Jazzy’s Burger, the recently launched food business.

4. Burna Boy

burna boy

Known professionally as Burna Boy, Damini Ebunoluwa Ogulu is a popular Nigerian artist that needs no introduction. With his habit of inciting violence online and offline, deep-seated self-esteem issues, leaving his fans in a lurch, etc. But one thing is certain, Burna Boy is the African giant he claims he is.

When he’s not forcing Nigerians to acknowledge this, Burna Boy makes some of the best pop and afrobeats music in Africa. Many of these have won him several local and international awards, including two nominations at the 2023 Recording Academy Awards, but unfortunately, he lost his nominations in both categories.

Burna Boy’s estimated net worth of about $25 million. He’s also sitting comfortably on the list of the richest musicians in Nigeria.

5. Mr P – Peter Okoye

Mr P - Peter Okoye

Despite the family saga, split, and reconciliation with his twin brother and music duo Paul Okoye, Peter Okoye has managed to hold it down as one of the most influential Nigerian artists. For over two decades, Psquare was a household name, and even after their dissolution, Mr P continued singing.

Mr P has even tried his hand at acting and has been featured in top Nigerian Netflix movies like the 2018 Lionheart movie, and the Shanty Town 2023 series.

Peter Okoye’s estimated net worth is $20 million. He is the CEO of Zoom Lifestyle Lottery, an entertainment lottery service.

There you have it, our top 5 picks of the richest musicians in Nigeria. If you’re in the mood for some health and fitness, check our list of Best Afrobeats Workout Playlists To Shape Up or Easy Afrobeats Dance Steps For Beginners In 2023. But if you’re in need of some drama, the Caramel Plugg Podcast saga is sure to enlighten you.

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I write about the drama that happens in the Nigerian entertainment world. You'll rarely catch me on socials, but let's be mutuals anyways.

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